FG moves to secure $124.2M Loan for water project

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Kazeem Biriowo

THE Federal Government has announced plans to secure a $124.2 million loan from two external financial institutions to increase public access to water.

Kenechukwu Offie, Spokesperson of the Federal Ministry of Water Resources disclosed this in a tweet shared by the ministry.

The loans which are coming from the African Development Bank (AfDB) ($104.2) and ($20 million) from the African Growing Together Fund were already approved by the Federal Executive Council (FEC).

“The Federal Executive Council at its meeting of November 4, 2020, approved to obtain loans of $104.2m from African Development Bank and $20m from African Growing Together Fund to finance Nigerian Urban Water Reform and Akure Water and Sanitation Project,” the ministry tweeted on Thursday.

“The project aims to provide sustainable access to safe drinking water for the residents of Akure city and its environs.”

Aside from the above project, the ministry also announced a contract award for the completion of the Ota Water Supply Scheme in Ogun State.

The project was awarded to Messr Natson Engineering Nigeria Limited.  Though the project duration was not made public, it is expected to address water and sanitation challenges in the state.

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